Tuesday, December 23, 2008

How President Bush's Few Words Saved Us $800 Billion Annually

His statement was widely described by media, pundits and even some economists as "symbolic." Barack Obama and the entirety of the Democrat leadership opposed both the remarks and their intended effect. Nancy Pelosi zigged and zagged while Harry Reid diddled.

All it took was a few words typed into a Presidential directive formally announced on July 14th to reverse a decades-old Executive Order. While nattering nabobs and elite editorialists decried the effort as ineffective, the international markets took notice, the speculators took their profits, and prices plunged.

Here, courtesy of Digital Look is a price chart for Brent light crude, an oil pricing benchmark. I'll bet you can point to the very day that President Bush made his announcement and urged Congress to follow suit.

Hint: American consumers are saving more $2 billion per day and have been saving big bucks every single day since the President's order.

Senator Dirksen is popularly credited with once saying, "A billion dollars here, a billion there and pretty soon you're talking real money." Even his eyes would widen at the costs we've borne through the years as politicians have worked to constrain, control and direct market forces.

$2 billion per day. Now that's real money.

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